FSCS making plans to help Reyker Securities customers
The Financial Services Compensation Scheme (FSCS) is making plans to help eligible customers of Reyker Securities plc, which went into special administration yesterday (8th Oct. 2019).
Mark Ford, Adam Stephens and Henry Shinners all of Smith & Williamson LLP have been appointed as Joint Special Administrators of Reyker.
The Special Administrators will carry out an assessment of the client money and assets held by the firm. After this the Special Administrators will work to return as much client money and assets to customers as possible, as quickly as possible.
If the Special Administrators find that the firm does not hold enough client money or assets, FSCS will cover asset and client money shortfalls for eligible customers. This will include any distribution costs back to clients, up to our compensation limit of £85,000.
At this stage there is no need for customers to make a claim with FSCS.
Background
Reyker Securities plc is a fund custodian that holds and safeguards cash and assets on behalf of its clients. Until recently Reyker has been attempting to find a buyer for its business, However, it has not been possible to achieve a sale. Consequently, the directors of Reyker have decided to place the firm in Special Administration.
Although Reyker is in Special Administration, FSCS continues to accept claims for compensation against Merchant Capital Limited in relation to fees charged by Reyker, following the failure of Merchant Capital in 2013.
Customer information and updates
Throughout this process FSCS will be working closely with the Special Administrators and will provide updates at regular intervals. Customers should subscribe at https://www.fscs.org.uk/failed-firms/reyker-securities/ to receive the latest updates.
Customers can find more information about how they will be affected using the following contact details:
Website: https//www.reyker.com
Telephone - client helpline: 0207 397 2586
Email: clientservices@reyker.com
Media contacts
Anthony Ozimic t: 020 7375 8638 / m: 07939 177683
James Tweed t: 020 7375 8646
Catherine Goodier t: 020 7375 8631
Notes for editors
Read more about the remit of FSCS on our Notes for editors page.